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Payment company Paysafe has announced the launch of a Pay by Bank offering. The new solution allows US online casino players to fund deposits instantly at operators’ cashiers.
Pay by Bank offers security for both players and gambling operators. The best online casinos offer a variety of deposit and payment options.
Key takeaways:
- Players can fund deposits directly from their online bank account and cash out winnings seamlessly.
- The new product is part of Paysafe’s Gateway payment solution that connects US operators to the industry’s most comprehensive range of traditional and alternative payment methods via a single integration.
- According to the company’s research, the new payment option particularly appeals to 27% of players who prefer transacting via direct bank transfer.
Enhancing payment options for US online casino players
The company added Pay by Bank to respond to the “growing demand from US players for payment choice.” The Gateway already connects operators’ cashiers to:
- Paysafe-processed card payments
- The Skrill digital wallet
- The Paysafecash online cash solution
- Third-party payment products
According to its All The Ways Players Pay 2024 research1, Pay by Bank provides its users with another payment option that particularly appeals to the 27% of bettors who prefer transacting via direct bank transfer.
US online casino and sportsbook operators can now offer Pay by Bank to their users. This allows new players to sync their checking or savings accounts in seconds and fund their player accounts securely in real time.
The process is similar for returning players, with Pay by Bank supporting single-click payments from linked accounts.
A player’s winnings can be seamlessly withdrawn from their gambling accounts with Pay by Bank. It enables quick payouts directly to linked bank accounts through one click.
Pay by Bank can strengthen an operator’s player acquisition
For operators, Pay by Bank transactions are secure, reducing liability if a player’s deposit from their bank account defaults. Besides helping to drive player acquisition by providing more payment options, Pay by Bank benefits gambling operators by improving a player’s overall payment experience thereby strengthening customer retention.
According to the company’s research, players’ top two priorities when it comes to the payment experience are:
- Transactional speed
- Financial security
The company is confident its Pay by Bank solution will exceed customers’ expectations. As Zak Cutler, president of Global Gaming at Paysafe, said in the news release2:
“We’re delighted to unveil our new Pay by Bank product for our iGaming solution, which will almost certainly prove very effective in both converting and retaining players for US operators, with the product’s impressive transactional speed and robust security.
Through Pay by Bank, we continue to grow the Paysafe Gateway by providing American operators and their customers with unparalleled payment choices, all through a single integration.”
Paysafe’s ambitions to become a US payments leader since 2018
Fanatics signed an agreement with Paysafe3 in November to offer its users a range of traditional card payments and other alternative payment methods (APM).
At the time, it was announced that Fanatics’ players in several states could seamlessly deposit money and withdraw payouts using their debit card via the Paysafe payment gateway. These markets include:
- Kentucky
- Maryland
- Massachusetts
- Ohio
- Tennessee
Pay by Bank was created to improve the payment processes in all the states where Paysafe exists. Some of the company’s US online gaming partners include Caesars and DraftKings.
Building on its 25 years of specialized payments experience and presence in Canada and Europe, Paysafe has stated its ambitions since May 2018 to be the payments leader in the fast-growing US iGaming market. The company says it supports 75% of operators in the country with payments or marketing solutions across 33 jurisdictions.
